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Silence in the Elevators?

Probably not but there’s definitely some interesting news in the world of business music and production libraries. One of the worlds largest background music libraries, Muzak, has filed for Chapter 11 Bankruptcy

Muzak is responsible for a large majority of the background music found in shopping centers, commercials and, of course, elevators (though I can’t remember the last time I stepped into an elevator that was playing music- maybe I just ride the wrong elevators). The company has been around for 75 years and has certainly taken the lead within the realm of background music. 

The company is seeking to restructure their debt, which is currently in the neighborhood of $370 million. The debt is primarily held with U.S. Bank and is due this year. Among the other creditors are ASCAP, SESAC, BMI, EMI Capitol Records, Harry Fox and Virgin Records.

Having researched Muzak recently, I am surprised by this situation. I never anticipated that Muzak would be in such a situation. They have an incredibly high market share and I wouldn’t expect them to be so far in debt. But, with all things economically related these days, nothing is a sure thing.

Should be interesting to see where things go from here.

In other news, I’m going to see Rubblebucket Orchestra tonight at Java at St. Lawrence University. It should be a fun time. I’ll post pictures this weekend.

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